Words to Know
-Integrate
-globalization
-interdependence
-multinational coporation
-outsourcing
Globalization
Globalization is the process of countries becoming more connected over time. The results are:
-greater interdependence between countries
-larger markets for goods and services.
Global Communcation & Business
The internet allows instant business communication worldwide. This information allows people to:
-monitor economic trends.
-buy and sell instantly online
Global Transportation & Business
-sell product globally.
Global Workforces & Businesses
Better transportation and communication allow companies to use global workforce. Advantages include:
-outsourcing work to laborers in other countries.
-cutting labors costs to make higher profits.
Which statements best describe how businesses can take advantage of globalization? Select all that apply.
-using lower labor costs in other countries
-transporting resources quickly from distant locations
-communicating more quickly with other countries
Multinational Corporation
-operate in many nations.
-create and sell products globally.
Trade Organization
Globalization has led groups of nations to join trade organizations that:
-help regions compete.
-allow countries to integrate to pool their resources.
-lower barriers to trade.
The North American Free Trade Agreement
The North American Free Trade Agreement is a free trade agreement between the U.S, Canada, and Mexico that:
-allows good and services to flow across the nation’s borders with fewer taxes.
-help multinational corporations take advantage of resources across borders.
The European Union
This organization:
-share a common currency.
-created a common market, allowing free movement of people and goods.
Commodity Organizations
Commodity organizations are formed by nations that participate in similar industries. Their goals are to:
-regulate the supply of products.
-increase profits for member nations.
-cooperate to respond to global economic trends.
Organization of the Petroleum Exporting Nations
The organizations of the petroleum exporting nations is an organization that:
-set petroleum policies for its members.
-establishes prices.
-regulates supplies to benefit its members economies.
International Economic Organization
International organizations solve economic problems through:
-handling global trade issues.
-helping developing countries expand.
-monitoring the global economy.
The World Trade Organization oversees trade policies around the world by:
-resolving trade disputes.
-promoting trade in developing countries.
The Global Economy & Developed Nations
Globalization has made developed nations more reliant on providing services in their economies. They:
-outsource manufacturing to developing nations.
-provide more products for sale.
Future Challenges for Developed Nations
Most developed nations are facing common economic problems, such as:
-slower economic growth.
-difficulty finding jobs for less-educated workers
-aging populations.
The Global Economy & Developing Nations
Globalization has led to economic growth in developing nations. This growth is evident in:
-increased jobs.
-growth of middle class.
-rise in standard of living.
Future Challenges for Developing Nations
As developing nations grow economically, many have social issues, including:
-population growth.
-environmental problems.
-poverty.
-provision of democratic rights.
Future Challenges for All Countries
As economies grow, their demand for commodities grow. This increase leads to:
-higher cost for energy (oil).
-higher demand for raw materials.
-higher prices for all countries, even developing nations.
Developed economies
-use outsourcing to take advantage of opportunities in developing countries.
-face aging populations and slow economic growth.
Developing economies
-have economies that are growing quickly.
-need to solve social and environmental issues as they grow.
Why does high population growth cause problems in countries with low economic growth? Select all that apply.
-High population growth can lead to poor education.
-High population growth can lead to poverty.
-Economic growth generally cannot match population growth.
-High population growth can create environmental issues
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